KEVAL H SETH,MUMBAI vs. ITO WARD 16(2)(1), MUMBAI

In the result, the appeal filed by the assessee is partly allowed

Bench: Shri Pavan Kumar, Hon’Blekeval H. Seth V. Ito, Ward 16(2)(1), 17-D Malabar Apartment Matrumandir, Nepeansea Road Tardeo Road, Mumbai- 400036 Mumbai- 400007 Pan: Afbps4180H

section 151 (2) of the Income Tax Act. 1961. 3. In the facts and circumstances of the case the learned CIT (Appeals) erred in confirming the action of the learned assessing officer in concluding that the transactions with M/s. Alliance Intermediatories& Network Pvt. Ltd. are bogus and disallowing the Long Term Capital Gains of Rs.54.60.292/- thus making an addition